The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,456 units in April 2024. This was an increase of 8.9% from April 2023.
Home sales were 2% below the five-year average and 6.9% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 4,132 units over the first four months of the year — an increase of 11.5% from the same period in 2023.
By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
- The overall MLS® HPI composite benchmark price was $643,700 in April 2024, a marginal gain of 1.6% from April 2023.
- The benchmark price for single-family homes was $727,700, up 1.6% on a year-over-year basis in April.
- By comparison, the benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier.
- The benchmark apartment price was $423,100, up 2.1% from year-ago levels.
- The average price of homes sold in April 2024 was $705,117 increasing 1.2% from April 2023. The more comprehensive year-to-date average price was $675,817, increasing by 2.4% from the first four months of 2023.
- The dollar volume of all home sales in April 2024 was $1.02 billion, up 10.2% from the same month in 2023.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.
By the Numbers – Inventory & New Listings
- The number of new listings saw an increase of 40.5% from April 2023. There were 2,597 new residential listings in April 2024. New listings were 19.7% above the five-year average and 4.6% above the 10-year average for the month of April.
- Active residential listings numbered 2,966 units on the market at the end of April 2024, a gain of 36.6% from April 2023. Active listings were 62.6% above the five-year average and 13.7% below the 10-year average for the month of April.
- Months of inventory numbered 2 at the end of April 2024, up only slightly from 1.6 in April 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Source: Ottawa Real Estate Board